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Our Subscribers Say...
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Thales Navigation, Inc.
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Welcome to
Credit Today Online
Credit Today is the premier publication for trade credit professionals. This web site and all the resources within are for subscribers to Credit Today. If you are new to our site, please feel free to browse some of our sample articles now! If you are a current subscriber to the print edition of Credit Today, and have your subcriber ID number, visit Activation Page to activate your Free subscription to CreditToday Online.
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Benchmarking Survey: Billing & Invoicing Mechanics-Electronic Delivery Will Soon Overtake Paper Invoices: Part 1
By David Schmidt
Paper invoices now account for only 55 percent of the billing process. Moreover, only 22 percent of the 109 respondents to Credit Today's Billing & Invoice Mechanics survey rely exclusively on mailing paper invoices to complete their billing process. In fact, firms with invoice volumes in excess of 25,000 per month have already turned to electronic invoice protocols (61 percent of their volume) as the primary method for billing their customers. Expectations are high that other firms will inevitably follow suit. Read on to learn more about: - Electronic delivery methods
- How much money you can save
- Enrolling your customers
- The average cost to process an invoice electronically
- What methods do your compeitors use to send out invoices?
- And much more . . .
keep reading
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Benchmarking Survey: Billing & Invoicing Mechanics-Electronic Delivery Will Soon Overtake Paper Invoices: Part 2
By David Schmidt
Survey participants discuss their experiences with electronic billing and invoicing. Learn what your fellow credit pros have to say about their experiences: - The Importance of the Credit Application
- Customer Master File Controls
- Thoroughness Is Critical
- Use a Tracking Device
- Involve Sales and Customer Service
- Best Practice Invoice Processing and Distribution
- Choosing What to Address
- It Isn't Solely Credit's Responsibility
- Collaboration and Coordination are Critical
- System Limitations Often Define What Can Be Accomplished
- Standardize Inconsistencies
- The Advantages of Invoice Accuracy
- The Challenges Posed by AP Invoice Portals
- And More!
keep reading
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Collection Automation Drives Performance Gains: Part Two
One conclusion that stood out in the analysis of May's Credit Today's Benchmarking Survey on Collection Automation is that, more than ever, cash is king. Companies that have cash have options, whereas those that are leveraged with debt are having a much tougher time of it. As a consequence, AR performance in general and cash flow in particular are critical. No enterprise, especially in these economic times, can afford to see cash flow slump or tolerate bloated receivables. Read on for critical information on the relation of collection automation to: - number of collectors
- number of collectors
- company revenue
. . . keep reading
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Leadership Profile: Dan O'Neill, CCE, Corporate Director of Credit, Stock Building Supply
Credit Philosophy:It's credit's responsibility to support the sales and profitability goals of a company while protecting assets and maintaining financial integrity. In this industry, especially in this economy, we cannot do this from behind a desk. We establish personal contacts and meet frequently with customers and lenders. Most contractors have limited capital; we have to be in contact with all who make construction possible. The need to get in the flow of money is essential to make sure we can help the builder complete the project and move on. Cash is King, and we have to work closely with all parties to be successful. . . . keep reading
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The Debtor as (Innocent) Victim
When a customer called to complain he'd been "abused" by the collector his agency had assigned to the account, Zippo Manufacturing's Bill Edgar asked for the date and time of the phone call. Then he called the agency to get a recording of the call--something the agency has routinely available. . . . keep reading
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The Credit Force Multiplier
Nancy Alfveby manages the credit and collections functions for Malt-O-Meal's nationwide sales with a department staff of only three, including herself. But she's a genuine force multiplier. She draws on the experience of others throughout the company and knowledgeable industry resources. Outside the company there is a continuous supply of vital, factual information from industry trade groups and credit reporting agencies. "It's important to extend yourself as a resource to others, both within your company and within your industry," . . . keep reading
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Changing Credit Terms as Price Discrimination
By Ann Morales Olazábal, MBA, JD
The Situation Tracy Industries had extended net 30-day credit to Garret Brothers Distributors for years. Monthly sales averaged over $60,000, and payments had always been prompt. Last January, however, the monthly payment arrived on time but with $30,000 withheld from the invoice amount. . . . keep reading
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Ten Red Flags Worth Heeding
Every sales order arriving at a well-known New England seafood company we spoke to must have credit approval prior to shipment of product. A credit issue may arise if customers have exceeded their normal credit limits, if they have overdue invoices, or if they have not made a purchase in over 30 day . . . keep reading
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BRIC Becomes IC
Having marveled in these pages (our August, 2008 issue) at the growing economic power and beckoning import markets of the BRIC countries (Brazil, Russia, India and China), it's only right that we now issue a warning. Brazil's gross domestic product fell by 3.6 percent in the last quarter of 2008 . . . keep reading
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Balance Sheet Gold
Companies are increasingly coping with slower sales and tighter bank credit by freeing up cash from their balance sheets, according to REL, the Hackett Group consulting division that has released its 12th annual edition of the CFO/REL Working Capital Scorecard. Mainly through a combination of slashi . . . keep reading
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A Long Summer for GM Trade Creditors
This will be a long, long summer for GM suppliers--and for the suppliers of GM suppliers. The payments that direct suppliers received at the end of May are likely to be the last they'll see for some time and, maybe, ever. Although Administration spokesmen said in announcing the June 1 bankruptcy fil . . . keep reading
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Follow These Six Guidelines for Optimizing Chapter 11 Returns
Every Chapter 11 filing presents a unique and tangled bundle of potential risks and rewards. You need a flexible, multi-step plan for reacting quickly and decisively. In 2002 a customer of Trelleborg Automotive Americas filed for Chapter 11. Last month the same company, no longer a Trelleborg custom . . . keep reading
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Here Today, Gone Tomorrow
A customer that skips, while nothing new, is a growing problem. "They were paying on time, and, the next thing we knew, the doors were locked and they were gone." With the deepening recession, we're hearing that more and more. So we talked to some experts about how to anticipate a skip and what to . . . keep reading
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Rescuing Collections
When business is booming, there's a tendency to let up on collections. Just how much of a mistake that is often doesn't become apparent until times like this. Here's how a major corporation juiced up their collections operation by melding it into a seamless communication web with credit and sales. . . . keep reading
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Benchmarking Survey Shows Collection Strategies Meeting and Exceeding Goals Despite Recession: Part 1
The corporate collection function is under more pressure than ever to deliver results, and our survey shows credit and collection pros are more than meeting the challenge. Seventy-eight percent of our sample reported meeting or exceeding their collection goals, and just 4 percent fell far short. Large firms exceeded the average and, somewhat surprisingly, small firms also did well. Included in this report are: - A breakdown of the key demographics for this sample
- Collection coverage based on sales territory, distribution channel or geography
- The relationship between coverage scheme and collection performance
- Whether automation was a factor in the performance of each coverage scheme
- The top four automation tools, all used by more than 50 percent of the survey sample
- Contact made as a measure of collector input
. . . keep reading
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